Can a person claim repayment of home loan u/c 80C provided Loan a/c not in name of him ? let assume that Home loan a/c is in the name of parents then a son can claim this u/s 80 C if himself paying this EMI from his income.is it possible?
if not then pl suggest any alternative plan because if its not possible then he has pay EMI and Income tax both as well
pl reply fast
Boss its too late.......Bank has already disbursed the loan after approval....
Son will not get benifit. Had there be Loan on joint name and son has given undertaking for the proportion of share for claiming deduction in Form 12C of IT Act, in that case he wal eligible for such deduction.
sir
My interest on repayment of housing repayment amount rs 150000/- and principal amount is 57000/-, lic 70000/-, children tution fees Rs 27000/- pa , ppf rs 30000/- my salary is 325000/- kindly gide me how can i calculate my income tax
Thanks
Krishna
Under Salary (A) 325000
Income Under House property (B) -150000
Total Income (A-B) 175000
Less Deduction Under 80C
(70000+30000+27000+57000) (max. 100000) 100000
Total Taxable Income 75000
Income Tax Nil
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